Mortgage Brokers Canberra

During the past few decades, as Australia’s lender marketplace has become more diverse, mortgage brokers have been pivotal in opening up increased access for borrowers all over the country. They can do that by helping homebuyers compare more home loan options, and that’s resulted in interest rates gradually becoming more competitive as lenders vie for business. It all means that borrowers can now benefit from more choice, cheaper costs, and specialised products designed for a number of purposes.

• Mortgage brokers provide access to non-bank lenders that don’t run expensive branch networks and often provide cheaper interest rates as a result of that. In a recent independent study, about half the home loans arranged via brokers were with lenders other than the country’s big four banks.

• Mortgage brokers almost invariably get paid by lenders, so it costs borrowers absolutely nothing to use one. They work for commission, and some of that only arrives once you’ve been satisfied with your home loan for several years – so brokers try hard to match you with a product that suits where you are, your plans, and how you want to repay.

• Mortgage brokers partner with a more diverse selection of lenders so they can help a wide variety of different homebuyers find the loan they need. In 2017, 34% of broker-arranged home loans were for owner-occupiers, 36% were for second home buyers or property investors, and almost 20% were sourced for homebuyers wishing to refinance an existing mortgage.

• Mortgage brokers do a lot of work on your behalf beyond just sourcing the most cost-effective home loans out there. They help prepare and submit your application and then stay on the case until your mortgage gets settled. Australian home loan brokers do around 45% of their work before your application starts, with the remainder happening during and after that.